- Ethereum network’s large wallet investors continue accumulating the second-largest meme coin, Shiba Inu.
- Rising demand for the dog-themed cryptocurrency failed to influence SHIB price; the meme coin is 90% away from its all-time high.
- Shiba Inu price has been stuck in the same price range since mid-December 2022, similar to the bottom of the June 2022 crash.
Shiba Inu, a Dogecoin-killer meme coin, is being scooped up by large wallet investors on the Ethereum network. Whales have accumulated SHIB tokens consistently since 2022. Despite demand from whales, the cryptocurrency is stuck in a tight range and 90% away from its all-time high.
Also read: Ethereum prepares for Shanghai hard fork in March 2023, will ETH crumble under selling pressure
Ethereum whales accumulate Shiba Inu
Ethereum network’s large wallet investors scoop up the meme coin consistently through dips in SHIB’s price. This started in mid-2022 and continued throughout the second half of the year. The Dogecoin-killer is currently 90% away from its all-time high.
SHIB accumulation by whales
Shiba Inu is the second largest cryptocurrency by market capitalization after Dogecoin. Despite rising demand from whales, the dog-themed meme coin has failed to wipe out losses from crypto winter.
On close observation, the accumulation by whales reveals that retail participation is low, and institutions and professional traders are scooping up SHIB in the current price range. There needs to be more participation from retail, as sentiment among traders remains bearish.
Shiba Inu price was stuck within a tight price range after mid-December and continued to slip lower in 2023. The decline in SHIB has brought the meme coin close to a critical support level at $0.0000081. Shiba Inu price was within this range at the bottom of the June 2022 crash.
Data from crypto intelligence tracker Whalestats confirmed that SHIB features on the list of top 10 most traded tokens among the 100 largest whales on the Ethereum network. This confirms a rising demand for the Dogecoin-killer above the support level.
JUST IN: $SHIB @Shibtoken now on top 10 purchased tokens among 2000 biggest #ETH whales in the last 24hrs
— WhaleStats (tracking crypto whales) (@WhaleStats) December 29, 2022
Peep the top 100 whales here: https://t.co/R19lKnPlsK
(and hodl $BBW to see data for the top 2000!)#SHIB #whalestats #babywhale #BBW pic.twitter.com/ERo2CK30RN
Shiba Inu needs market-wide participation from retail traders to wipe out losses from crypto winter and the spreading of FTX contagion.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple Price Prediction: How tokenized treasuries could accelerate XRP to $10 by end-2025
The adoption of cryptocurrency-related financial products, including tokenized treasuries, is on overdrive globally, with the focus now shifting to robust networks such as Ripple's XRP Ledger (XRPL).
Sei rallies as Wyoming selects protocol for WYST stablecoin pilot
Sei extends gains above $0.21, decoupling the token from the broader crypto market amid low sentiment and macroeconomic uncertainty. The Wyoming Stable Token Commission selects Sei Network as a candidate blockchain for the WYST, the first fiat-backed stablecoin issued by a US state.
Crypto Today: Bitcoin, Ethereum, XRP nudge higher as geopolitical tensions take a backseat
Bitcoin bulls step up, pushing the price above $106,000, as Trump said he would delay his decision about launching strikes on Iran for up to two weeks. Ethereum rebounds from the 200-day EMA support at $2,477 amid steady interest in the derivatives market.
Solana eyes trend reversal as bearish momentum bottoms out above $140
Solana experiences a minor uptick of under 1% at press time on Friday, with multiple long shadow candles forming above $140 as bearish momentum fades off. The optimism surrounding Solana is on the rise, as evidenced by the SOL Open Interest reaching a weekly high.
Bitcoin Weekly Forecast: The calm before the storm
Bitcoin (BTC) price remains steady above a key support level, trading slightly above $106,000 at the time of writing on Friday. The uncertainty looms as geopolitical tensions between Iran and Israel show no sign yet of an exit strategy from either side.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.